Financial constraints, cash flow timing patterns, and asset prices
研究发现企业近70%的现金流在财年下半年收回，年末现金流多的公司年风险溢价高6.8%，并持有更多现金。这可用投资资产定价模型解释，对财务约束企业尤其明显。
We show that firms collect almost 70% of their cash flows in the second half of the fiscal year, and that firms that collect more cash by year-end earn a 6.8% higher per annum risk premium and save more cash. We rationalize these facts in a quantitative investment-based asset pricing model. Immediate cash payments negatively affect profitability, but reduce equity financing costs by increasing information transparency. Financially constrained firms optimally collect more cash at year-end when firms’ performance attracts more attention and information transparency is more valuable. Such behavior further results in greater exposure to aggregate productivity and financial shocks.